Virginia Code 64.2-755: Trustee’s bond.
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A. Except as otherwise provided in Part A (§ 64.2-1200 et seq.) of Subtitle IV, a trustee shall give bond, or bond with surety or other security, to secure performance of the trustee‘s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
Terms Used In Virginia Code 64.2-755
- Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
- Court: means the court of the Commonwealth having jurisdiction in matters related to trusts. See Virginia Code 64.2-701
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Virginia Code 64.2-701
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701
B. The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
C. A regulated financial service institution qualified to do trust business in the Commonwealth need not give bond, even if required by the terms of the trust.